Hire payment in time charters: a condition or not – a legal perspective

chartering

Chartering is an important concept of the global maritime trade sector and it consists of different types. One of the forms of carrying out a maritime business is a time charter.

Under a time charter, the owners undertake to place their ship at the disposal of the charterers for a defined period of time for the carriage of goods in accordance with the charterer’s instruction, while the ship remains in both the ownership and possession of the owners, and the officers and crew who man her will be the employees of the owners, not the charterers.

In this article we are going to look at some particulars of time charters and, in particular, New York Produce Exchange Form 1993 (NYPE 1993) recommended by BIMCO and FONASBA.

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Executive Insights – Philip Teoh – Lawyer and Maritime Arbitrator

Executive Insights - Shipping and Freight Resource - Philip Teoh

Executive Insights is a series by Shipping and Freight Resource that provides insights and thoughtful analysis about the industry..

This series features selected individuals from the industry and is aimed at enriching the knowledge of the readers with what is happening in the shipping, freight, maritime, logistics, and supply chain industry..

Executive Insights also gives you a chance to pick the brains of these industry veterans, leaders, and enablers..

In this edition of Executive Insights, we caught up with Philip Teoh – Lawyer and Maritime Arbitrator, on aspects of International Convention of Carriages and other maritime matters..

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